The Editorial Team |

Moody’s: Egypt’s IMF program to support fiscal and external position, reform pace may slip

CAIRO (Capital Markets in Africa) – While Egypt’s IMF program will support gradual improvements to the country’s fiscal and external position, its social and economic costs risk slowing the pace of fiscal reform momentum, Moody’s Investors Service said in a report today. The report, “Government of Egypt – IMF Program Supports Gradual Fiscal, External Improvements”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press…

Ghana names monetary policy expert Addison as central bank governor

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ACCRA (Capital Markets in Africa) – Ghana’s President Nana Akufo-Addo named senior monetary policy expert Ernest Addison as central bank governor on Thursday, a day after his predecessor resigned for personal reasons, a statement from the presidency said. Addison, who in the early 2000s was a leading architect of Ghana’s monetary policy, worked as a lead economist at the African Development Bank. The announcement comes as Akufo-Addo’s young government seeks to stabilize national finances and…

AfDB Approves a USD 450 million Trade Finance Package for Afreximbank

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ABIDJAN (Capital Markets in Africa) – The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, May 29, 2017 a USD 450 million Trade Finance Package for the African Export–Import Bank (Afreximbank). The facility consists of a 3-year USD 150 million unfunded Risk Participation Agreement (guarantees) and a 4-year USD 300 million Trade Finance Line of Credit. This composite facility will help to expand Afreximbank’s risk bearing capacity for the confirmation of…

Nigeria’s stock exchange gets green light for public listing

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LAGOS (Reuters) – The Nigerian Stock Exchange (NSE) has been given a green light by its members to become a publicly listed company, it said on Thursday. The members also approved the appointment of South African bank FirstRand and local investment firm Chapel Hill Denham to guide it through the process of becoming a listed company, the NSE said. The second-biggest bourse in sub-Saharan Africa after Johannesburg and a main entry point for investors in…

World Bank-Funded $340m Rusumo Power Plant Construction to Begin

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LAGOS (Capital Markets in Africa) – Facility at Rusumo Falls will take 3 years to complete, provide 80 MW for Burundi, Rwanda and Tanzania, according to World Bank statement. Plant will be managed by Rusumo Power Company, a utility jointly owned by the three nations African Development Bank is financing a further $121m for transmission lines that will connect power plant to national grids JV between Chinese companies CGCOC Group and Jiangxi Water & Hydropower…

Kenya Budgets Increased Spending Ahead of General Elections

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NAIROBI (Capital Markets in Africa) – Kenya plans a slight increase in government spending ahead of general elections in August as concerns increase that it could be taking on more debt than it can handle to finance its budget. Treasury Secretary Henry Rotich told lawmakers the government planned to increase spending to 2.287 trillion shillings ($22.2 billion) in the fiscal year that starts in July, a 2.6 percent increase from 2016-17. “We shall continue to progressively reduce…

Investors Flock to Nigeria Eurobonds, But Won’t Touch the Naira

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LAGOS (Capital Markets in Africa) – Nigeria’s oversubscribed Eurobond on Wednesday showed that investors will flock to the country’s dollar assets. But when it comes to naira ones, they’re staying well away. Nigeria got around $3 billion of orders for its $500 million of notes, according to a person familiar with the matter, who asked not to be identified. High demand for the deal, a tap of an existing $1 billion bond due in 2032, allowed bookrunners…

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